City of Madison, Wisconsin | Legislative Information Center
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File #: 27744    Version: Name: "2nd SUBSTITUTE" - Authorizing the allocation of up to $214,000 from the Housing Reserve Fund to support the development of four (4) owner-occupied Lease-to-Purchase housing units by Wisconsin Partnership for Housing Development in 2013.
Type: Resolution Status: Passed
File created: 9/19/2012 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 12/11/2012 Final action: 12/11/2012
Enactment date: 12/12/2012 Enactment #: RES-12-00919
Title: 2nd SUBSTITUTE - Authorizing the allocation of up to $214,000 from the Housing Reserve Fund to support the development of four (4) owner-occupied Lease-to-Purchase housing units by Wisconsin Partnership for Housing Development in 2013.
Sponsors: Tim Bruer, Lauren Cnare, Matthew J. Phair
Attachments: 1. WPHD 4 L2P HOME in 2013 res 27744 ver 2.pdf, 2. WPHD 4 L2P HOME in 2013 res 27744 ver 1.pdf, 3. WPHD Staff Review 2.pdf, 4. OFS Memo Attachments 27744.pdf
Fiscal Note
Sufficient funds are available for this project within the Community Development Division's Housing Development Reserve Fund, which was authorized as part of the Division's 2012 Adopted Operating Budget. The use of these funds will have no impact on the local levy.
Title
2nd SUBSTITUTE - Authorizing the allocation of up to $214,000 from the Housing Reserve Fund to support the development of four (4) owner-occupied Lease-to-Purchase housing units by Wisconsin Partnership for Housing Development in 2013.
Body
This is a joint request with Wisconsin Partnership for Housing Development (WPHD) and Operation Fresh Start (OFS) which would allow WPHD to focus on housing related activities in development (buyer selection, marketing, education, etc). OFS will focus on the training and educational component of their youth programming through construction or rehab of homes for WPHD Lease-to-Purchase program. WPHD is requesting 50% of the capital expense be expended as a forgivable loan as per the 2013-2014 Goals and Priorities statement in which; housing development projects which involve the training of lower income individuals and which lead to employment or higher education construction may apply up to 50% of funds to staffing, legal and other development associated costs. These funds would pay for the Employment and Training for the Youth Build program of Operation Fresh Start.

WPHD proposes to acquire property and contract with OFS for construction or rehab of homes for the WPHD’s Lease-to-Purchase program. Once the units are completed the property will be managed under the guidelines of WPHD’s Lease-to-Purchase program. The City of Madison CDBG office will contract with WPHD for the development of 4 affordable housing units and for the implementation of the Lease-to-Purchase program.

WPHD will select potential buyers to participate in the Lease-to-Purchase program. WPHD will have 36 months from the time of initial occupancy to convert the home to own...

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